Well, I think there are many misunderstandings about the word cloud mining, because I feel that people also have the same experience as me when seeing cloud mining sites that are mostly scams. I think there needs to be a determination regarding the word, and regarding the cloud mining that you said on Binance or miningrigrental I think it's better to say it as "Miner Rental/ Miner Rental" or if we need still to use the word "Cloud Mining" then we should add the word "Real" and become "Real Cloud Mining". So the point is that Real Cloud Mining is Mining Rental that provides real hashrate with real hardware to use. And I got these words from miningrigrentals itself and they also emphasize the word "Real".
https://i.ibb.co.com/b5SgbswM/realllllll.pngSource :
MiningrigrentalsI still think just buying bitcoin beats all this in the long run.
I always ask myself, why would someone rent out or sell their hash rate if it's profitable? If they are selling it/renting it out, then it's making no business sense or returns to them. Someone educate me on this.
You are right that just buying Bitcoin is better in the long run, and I think this is why people rent or sell their hashrate. By renting, they can get "instant" profit and can immediately make purchases on Bitcoin, or even the profit can be used directly for other purposes, without having to do mining which takes a long time. But this is just my assumption, it could be right or wrong. Meanwhile, on the side of the person who is renting, he can mine with the speculation that he can make more profit by mining coins that they believe will experience a high increase in value, it could be Bitcoin or an altcoin that he chooses.
